Digital Santa

14 November 2007 By John Christy

Consumer electronics are one of the few bright spots on the retail horizon as the holiday season approaches. That has shares of the coolest gadgetmakers fetching lofty multiples. With a more reasonable valuation, Canon shares may be a better gift for investors.

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The Consumer Electronics Association is forecasting spending of $45bn on electronics in the fourth quarter, a 7% rise over the same period in 2006. Retail trade groups are expecting overall holiday sales in the US to rise about 4%. Shares of Nikon, the secondlargest camera maker after Canon, rose 10% on November 9 after the company raised its earnings forecast for the fiscal year on strong camera sales.

Data from Japan's Camera and Imaging Products Association show that shipments of singlelens reflex cameras rose more than 50% in the year to date through September.

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